Scared to death!

OK..so we have a coop we currently own and we got it for a steal 4 years ago..So monthly our mortgage/maintenance is very inexpensive. We found a house we like but the numbers are scaring me to death!! Our payments will pretty much double I put everything on paper...and it seems we should have no problem affording this but in reality I feel like no way! I estimate we need an additional $1400 a month if we move to cover higher mortgage/taxes. I am def on the conservative side when deadling with money but I am so scared that what if we can't make the monthly bills!! HELP..anyone else feel this way? How do you REALLY know if you can swing everything?

Re: Scared to death!

Bets idea is to come up with a budget that includes food, gas, mortgage, tax, water, electric, cable, phone, oil/gas, misc costs, car insurance, house insurance etc.

And keep in mind that you can add your taxes and house insurance into your mortgage payment, so it's paid all at once instead of individual payments. This is what we're doing.

Re: Scared to death!

its tough, but DH and I sat down and figure out all of our monthly expenses and our new taxes/mortgage payment and came up with what we feel we comfortably can afford. And in actuality, we got approved for 50K more than we are actually spending. We both knew that whatever we got pre-approved for, we wanted to spend significantly less. I'm conserative too.

Re: Scared to death!

I think that's a normal reaction...I know we had it too. We went into coma when we were crunching numbers.
But...when we actually laid it all out - it's amazing what you can really afford. I'm also being told that the first year is the absolute hardest, but once your spending adjusts...you'll be fine.